Obligation Swiss Credit 7.75% ( US22547QYT74 ) en USD

Société émettrice Swiss Credit
Prix sur le marché 100 %  ▲ 
Pays  Suisse
Code ISIN  US22547QYT74 ( en USD )
Coupon 7.75% par an ( paiement semestriel )
Echéance 31/12/2024 - Obligation échue



Prospectus brochure de l'obligation Credit Suisse US22547QYT74 en USD 7.75%, échue


Montant Minimal 1 000 USD
Montant de l'émission /
Cusip 22547QYT7
Notation Standard & Poor's ( S&P ) N/A
Notation Moody's N/A
Description détaillée Credit Suisse était une grande banque suisse, active dans la gestion de fortune, l'investissement bancaire et les services financiers, avant sa prise de contrôle par UBS en mars 2023 suite à une crise de confiance.

L'Obligation émise par Swiss Credit ( Suisse ) , en USD, avec le code ISIN US22547QYT74, paye un coupon de 7.75% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 31/12/2024







424B2 1 dp52092_424b2-u1137.htm FORM 424B2
Pric ing Supple m e nt N o. U 1 1 3 7
Filed Pursuant to Rule 424(b)(2)
To the Underlying Supplement dated July 29, 2013,
Registration Statement No. 333-180300-03
Product Supplement No. U-I dated March 23, 2012,
December 23, 2014
Prospectus Supplement dated March 23, 2012 and
Prospectus dated March 23, 2012

Fina nc ia l
Produc t s

$ 2 ,0 3 0 ,0 0 0
7.75% per annum Contingent Coupon Callable Yield Notes due December 31, 2024
Link e d t o t he Pe rform a nc e of t he EU RO ST OX X 5 0 ® I nde x a nd t he Russe ll 2 0 0 0 ® I nde x
Ge ne ra l
·
The securities are designed for investors who are mildly bearish, neutral or mildly bullish on the Underlyings. Investors should be
willing to lose some or all of their investment if a Knock-In Event occurs. Any payment on the securities is subject to our ability to
pay our obligations as they become due.
·
Subject to Early Redemption, if, for any contingent coupon period, a Coupon Barrier Event does not occur, we will pay a contingent
coupon at a Contingent Coupon Rate of 7.75% per annum. If a Coupon Barrier Event occurs, no contingent coupon will be paid for
the corresponding contingent coupon period. Contingent coupons will be calculated on a 30/360 basis from and including the
Settlement Date to and excluding the earlier of the Early Redemption Date and the Maturity Date, as applicable.
·
The Issuer may redeem the securities, in whole but not in part, on any Contingent Coupon Payment Date scheduled to occur on or
after March 31, 2015. No contingent coupons will be payable following an Early Redemption.
·
Senior unsecured obligations of Credit Suisse AG, acting through its London Branch, maturing December 31, 2024.
·
Minimum purchase of $1,000. Minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.
·
The securities priced on December 23, 2014 (the "Trade Date") and are expected to settle on December 31, 2014 (the "Settlement
Date"). Delivery of the securities in book-entry form only will be made through The Depository Trust Company.
K e y T e rm s
Issuer:
Credit Suisse AG ("Credit Suisse"), acting through its London Branch
Underlyings:
The securities are linked to the performance of the EURO STOXX 50® Index and the Russell 2000® Index. For more
information on the Underlyings, see "The Reference Indices--The EURO STOXX 50® Index" and "The Reference
Indices--The Russell 2000® Index" in the accompanying underlying supplement. Each Underlying is identified in the
table below, together with its Bloomberg ticker symbol, Initial Level, Knock-In Level and Coupon Barrier Level:

K noc k -
Coupon Ba rrie r
U nde rlying
T ic k e r
I nit ia l Le ve l
I n Le ve l
Le ve l

SX 5 E
EU RO ST OX X 5 0 ® I nde x ("SX 5 E")
<I nde x >
3 1 9 2 .4 7 0
1 9 1 5 .4 8 2
1 9 1 5 .4 8 2

Russe ll 2 0 0 0 ® I nde x ("RT Y ")
RT Y <I nde x >
1 2 0 2 .4 3 8
7 2 1 .4 6 3
7 2 1 .4 6 3
Contingent
Subject to Early Redemption, the Contingent Coupon Rate will be 7.75% per annum for any contingent coupon
Coupon Rate: period. If a Coupon Barrier Event occurs, no contingent coupon will be paid for the corresponding contingent coupon
period. Contingent coupons will be calculated on a 30/360 basis from and including the Settlement Date to and
excluding the earlier of the Early Redemption Date and the Maturity Date, as applicable.
Coupon Barrier
A Coupon Barrier Event will occur with respect to a contingent coupon period if on the Observation Date for that
Event:
contingent coupon period the closing level of any Underlying is less than its Coupon Barrier Level.
Coupon Barrier
Level:
For each Underlying, as set forth in the table above.
Contingent
Subject to Early Redemption, unless a Coupon Barrier Event occurs, contingent coupons will be paid on March 31,
Coupon
2015, June 30, 2015, September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016, September 30,
Payment
2016, December 30, 2016, March 31, 2017, June 30, 2017, September 29, 2017, December 29, 2017, March 30,
Dates:
2018, June 29, 2018, September 28, 2018, December 31, 2018, March 29, 2019, June 28, 2019, September 30,
2019, December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020, December 31, 2020, March 31,
2021, June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022, June 30, 2022, September 30,
2022, December 30, 2022, March 31, 2023, June 30, 2023, September 29, 2023, December 29, 2023, March 29,
2024, June 28, 2024, September 30, 2024 and the Maturity Date, subject to the modified following business day
convention. No contingent coupons will be payable following an Early Redemption. Contingent coupons, if any, will be
payable to the holders of record at the close of business on the business day immediately preceding the applicable
Contingent Coupon Payment Date, provided that the contingent coupon payable on the Early Redemption Date or
Maturity Date, as applicable, will be payable to the person to whom the Early Redemption Amount or the
Redemption Amount, as applicable, is payable.
Redemption
At maturity, the Redemption Amount you will be entitled to receive will depend on the individual performance of each
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Amount:
Underlying and whether a Knock-In Event occurs. Subject to Early Redemption, the Redemption Amount will be
determined as follows:

·
If a Knock-In Event occurs, the Redemption Amount will equal the principal amount of the securities you
hold multiplied by the sum of one plus the Underlying Return of the Lowest Performing Underlying. I n
t his c a se , t he Re de m pt ion Am ount w ill be le ss t ha n $ 6 0 0 pe r $ 1 ,0 0 0 princ ipa l a m ount
of se c urit ie s. Y ou c ould lose your e nt ire inve st m e nt .

·
If a Knock-In Event does not occur, the Redemption Amount will equal the principal amount of the
securities you hold.

Any payment on the securities is subject to our ability to pay our obligations as they become due.

I nve st ing in t he se c urit ie s involve s a num be r of risk s. Se e "Se le c t e d Risk Conside ra t ions" in t his pric ing
supple m e nt a nd "Risk Fa c t ors" be ginning on pa ge PS-3 of t he a c c om pa nying produc t supple m e nt .

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities or
passed upon the accuracy or the adequacy of this pricing supplement or the accompanying underlying supplement, the product
supplement, the prospectus supplement and the prospectus. Any representation to the contrary is a criminal offense.


U nde rw rit ing Disc ount s a nd
Pric e t o Public (1 )
Com m issions(2 )
Proc e e ds t o I ssue r
Pe r se c urit y
$ 1 ,0 0 0 .0 0
$ 4 0 .0 0
$ 9 6 0 .0 0
T ot a l
$ 2 ,0 3 0 ,0 0 0 .0 0
$ 8 1 ,2 0 0 .0 0
$ 1 ,9 4 8 ,8 0 0 .0 0

(1) Certain fiduciary accounts may pay a purchase price of at least $960.00 per $1,000 principal amount of securities, and the placement
agent will forgo any fees with respect to such sales.

(2) Incapital LLC will act as placement agent for the securities. The placement agent will receive a fee from Credit Suisse or one of our
affiliates of $40.00 per $1,000 principal amount of securities. For more detailed information, please see "Supplemental Plan of
Distribution" on the last page of this pricing supplement.

Cre dit Suisse c urre nt ly e st im a t e s t he va lue of e a c h $ 1 ,0 0 0 princ ipa l a m ount of t he se c urit ie s on t he T ra de Da t e
is $ 9 2 3 .5 0 (a s de t e rm ine d by re fe re nc e t o our pric ing m ode ls a nd t he ra t e w e a re c urre nt ly pa ying t o borrow
funds t hrough issua nc e of t he se c urit ie s (our "int e rna l funding ra t e ")). Se e "Se le c t e d Risk Conside ra t ions" in t his
pric ing supple m e nt .

The securities are not deposit liabilities and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
governmental agency of the United States, Switzerland or any other jurisdiction.
CALCULATION OF REGISTRATION FEE
T it le of Ea c h Cla ss of Se c urit ie s Offe re d
M a x im um Aggre ga t e
Am ount of Re gist ra t ion Fe e
Offe ring Pric e
N ot e s
$ 2 ,0 3 0 ,0 0 0 .0 0
$ 2 3 5 .8 9

I nc a pit a l LLC
December 23, 2014
Pla c e m e nt Age nt
(continued on next page)





(continued from previous page)
Early Redemption:
Prior to the Maturity Date, the Issuer may redeem the securities in whole, but not in part, on any Contingent
Coupon Payment Date scheduled to occur on or after March 31, 2015 upon notice to the trustee on or before
the immediately preceding Early Redemption Notice Date at 100% of the principal amount of the securities (the
"Early Redemption Amount"), together with the contingent coupon, if any, payable on that Contingent Coupon
Payment Date (the "Early Redemption Date").
Early Redemption
Notice of Early Redemption will be provided prior to the relevant Contingent Coupon Payment Date on or
Notice Dates:
before March 26, 2015, June 25, 2015, September 25, 2015, December 28, 2015, March 24, 2016, June 27,
2016, September 27, 2016, December 27, 2016, March 28, 2017, June 27, 2017, September 26, 2017,
December 22, 2017, March 27, 2018, June 26, 2018, September 25, 2018, December 21, 2018, March 26,
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2019, June 25, 2019, September 25, 2019, December 23, 2019, March 26, 2020, June 25, 2020, September
25, 2020, December 28, 2020, March 26, 2021, June 25, 2021, September 27, 2021, December 28, 2021,
March 28, 2022, June 27, 2022, September 27, 2022, December 27, 2022, March 28, 2023, June 27, 2023,
September 26, 2023, December 22, 2023, March 26, 2024, June 25, 2024 or September 25, 2024, as
applicable.
Knock-In Event:
A Knock-In Event will occur if the Final Level of any Underlying is less than its Knock-In Level.
Knock-In Level:
For each Underlying, as set forth in the table above.
Lowest Performing
Underlying:
The Underlying with the lowest Underlying Return.
Underlying Return:
For each Underlying, the Underlying Return will be calculated as follows:


Final Level - Initial Level
, subject to a maximum of zero
Initial Level
Initial Level:
For each Underlying, as set forth in the table above.
Final Level:
For each Underlying, the closing level of such Underlying on the Valuation Date.
Observation Dates:
March 26, 2015, June 25, 2015, September 25, 2015, December 28, 2015, March 24, 2016, June 27, 2016,
September 27, 2016, December 27, 2016, March 28, 2017, June 27, 2017, September 26, 2017, December
22, 2017, March 27, 2018, June 26, 2018, September 25, 2018, December 21, 2018, March 26, 2019, June
25, 2019, September 25, 2019, December 23, 2019, March 26, 2020, June 25, 2020, September 25, 2020,
December 28, 2020, March 26, 2021, June 25, 2021, September 27, 2021, December 28, 2021, March 28,
2022, June 27, 2022, September 27, 2022, December 27, 2022, March 28, 2023, June 27, 2023, September
26, 2023, December 22, 2023, March 26, 2024, June 25, 2024, September 25, 2024 and the Valuation Date.
Valuation Date:
December 23, 2024
Maturity Date:
December 31, 2024
Listing:
The securities will not be listed on any securities exchange.
CUSIP:
22547QYT7
The determination of the closing level for each Underlying on each Observation Date (other than the Valuation Date) is subject to
postponement if such date is not a trading day for such Underlying or as a result of a market disruption event in respect of such
Underlying, as described herein under "Market Disruption Events." The Valuation Date is subject to postponement in respect of each
Underlying if such date is not an underlying business day for such Underlying or as a result of a market disruption event in respect of
such Underlying, as described in the accompanying product supplement under "Description of the Securities--Market disruption events."
The Contingent Coupon Payment Dates (including the Maturity Date) are subject to postponement, each as described herein, if such
date is not a business day or if (a) the determination of the closing level for any Underlying on the corresponding Observation Date
(other than the Valuation Date) is postponed or (b) the Valuation Date is postponed, in each case because such date is not a trading
day or an underlying business day for any Underlying, as applicable, or as a result of a market disruption event in respect of any
Underlying.



Addit iona l T e rm s Spe c ific t o t he Se c urit ie s

You should read this pricing supplement together with the underlying supplement dated July 29, 2013, the product supplement dated
March 23, 2012, the prospectus supplement dated March 23, 2012 and the prospectus dated March 23, 2012, relating to our Medium-
Term Notes of which these securities are a part. You may access these documents on the SEC website at www.sec.gov as follows (or if
such address has changed, by reviewing our filings for the relevant date on the SEC website):


·
Underlying supplement dated July 29, 2013:


http://www.sec.gov/Archives/edgar/data/1053092/000095010313004526/dp39753_424b2.htm


·
Product supplement No. U-I dated March 23, 2012:

http://www.sec.gov/Archives/edgar/data/1053092/000095010312001501/dp29492_424b2-ui.htm


·
Prospectus supplement and Prospectus dated March 23, 2012:

http://www.sec.gov/Archives/edgar/data/1053092/000104746912003186/a2208088z424b2.htm

Our Central Index Key, or CIK, on the SEC website is 1053092. As used in this pricing supplement, the "Company," "we," "us," or "our"
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refers to Credit Suisse.

This pricing supplement, together with the documents listed above, contains the terms of the securities and supersedes all other prior or
contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, fact sheets,
correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. We may,
without the consent of the registered holder of the securities and the owner of any beneficial interest in the securities, amend the
securities to conform to its terms as set forth in this pricing supplement and the documents listed above, and the trustee is authorized to
enter into any such amendment without any such consent. You should carefully consider, among other things, the matters set forth in
"Risk Factors" in the product supplement and "Selected Risk Considerations" in this pricing supplement, as the securities involve risks
not associated with conventional debt securities. You should consult your investment, legal, tax, accounting and other advisors before
deciding to invest in the securities.


1

H ypot he t ic a l Re de m pt ion Am ount s a nd T ot a l Pa ym e nt s on t he Se c urit ie s

The tables and examples below illustrate, for a $1,000 investment in the securities, hypothetical Redemption Amounts payable at
maturity for a hypothetical range of Underlying Returns of the Lowest Performing Underlying and, in the case of Table 2, total contingent
coupon payments over the term of the securities, which will depend on the number of Coupon Barrier Events that have occurred over
the term of the securities. The tables and examples below reflect that the Contingent Coupon Rate is 7.75% per annum and assume that
(i) the securities are not redeemed prior to maturity, (ii) the term of the securities is exactly 10 years, (iii) the Coupon Barrier Level for
each Underlying is 60% of the Initial Level of such Underlying and (iv) the Knock-In Level for each Underlying is 60% of the Initial Level
of such Underlying. The examples are intended to illustrate hypothetical calculations of only the Redemption Amount and do not illustrate
the calculation or payment of any individual contingent coupon payment.

The hypothetical Redemption Amounts and total contingent coupon payments set forth below are for illustrative purposes only. The
actual Redemption Amounts and total contingent coupon payments applicable to a purchaser of the securities will depend on the number
of Coupon Barrier Events that have occurred over the term of the securities, whether a Knock-In Event occurs and on the Final Level of
the Lowest Performing Underlying. It is not possible to predict how many Coupon Barrier Events will occur, if any, or whether a Knock-In
Event will occur, and, in the event that there is a Knock-In Event, by how much the level of the Lowest Performing Underlying will have
decreased from its Initial Level to its Final Level. You will not be entitled to participate in any appreciation in the Underlyings. You should
consider carefully whether the securities are suitable to your investment goals. Any payment on the securities is subject to our ability to
pay our obligations as they become due. The numbers appearing in the tables and examples below have been rounded for ease of
analysis.

T ABLE 1 : Hypothetical Redemption Amounts

Pe rc e nt a ge Cha nge
from t he I nit ia l Le ve l
t o t he Fina l Le ve l of t he
U nde rlying Re t urn of t he
Re de m pt ion Am ount
Low e st Pe rform ing
Low e st Pe rform ing
(e x c luding c ont inge nt
T ot a l Cont inge nt Coupon
U nde rlying
U nde rlying
c oupon pa ym e nt s, if a ny)
Pa ym e nt s
100.00%
0.00%
$1,000.00
90.00%
0.00%
$1,000.00
80.00%
0.00%
$1,000.00
70.00%
0.00%
$1,000.00
60.00%
0.00%
$1,000.00
50.00%
0.00%
$1,000.00
40.00%
0.00%
$1,000.00
30.00%
0.00%
$1,000.00
20.00%
0.00%
$1,000.00
10.00%
0.00%
$1,000.00
0 .0 0 %
0 .0 0 %
$ 1 ,0 0 0 .0 0
(See table below)
-10.00%
-10.00%
$1,000.00
-20.00%
-20.00%
$1,000.00
-30.00%
-30.00%
$1,000.00
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-40.00%
-40.00%
$1,000.00
-4 0 .0 1 %
-4 0 .0 1 %
$ 5 9 9 .9 0
-50.00%
-50.00%
$500.00
-60.00%
-60.00%
$400.00
-70.00%
-70.00%
$300.00
-80.00%
-80.00%
$200.00
-90.00%
-90.00%
$100.00
-100.00%
-100.00%
$0.00


2


T ABLE 2 : The expected total contingent coupon payments will depend on how many Coupon Barrier Events occur.

N um be r of Coupon Ba rrie r Eve nt s

T ot a l Cont inge nt Coupon Pa ym e nt s
A Coupon Barrier Event does not occur

$775.00
A Coupon Barrier Event occurs on 1 Observation Date

$755.63
A Coupon Barrier Event occurs on 2 Observation Dates

$736.25
A Coupon Barrier Event occurs on 3 Observation Dates

$716.88
A Coupon Barrier Event occurs on 4 Observation Dates

$697.50
A Coupon Barrier Event occurs on 5 Observation Dates

$678.13
A Coupon Barrier Event occurs on 6 Observation Dates

$658.75
A Coupon Barrier Event occurs on 7 Observation Dates

$639.38
A Coupon Barrier Event occurs on 8 Observation Dates

$620.00
A Coupon Barrier Event occurs on 9 Observation Dates

$600.63
A Coupon Barrier Event occurs on 10 Observation Dates

$581.25
A Coupon Barrier Event occurs on 11 Observation Dates

$561.88
A Coupon Barrier Event occurs on 12 Observation Dates

$542.50
A Coupon Barrier Event occurs on 13 Observation Dates

$523.13
A Coupon Barrier Event occurs on 14 Observation Dates

$503.75
A Coupon Barrier Event occurs on 15 Observation Dates

$484.38
A Coupon Barrier Event occurs on 16 Observation Dates

$465.00
A Coupon Barrier Event occurs on 17 Observation Dates

$445.63
A Coupon Barrier Event occurs on 18 Observation Dates

$426.25
A Coupon Barrier Event occurs on 19 Observation Dates

$406.88
A Coupon Barrier Event occurs on 20 Observation Dates

$387.50
A Coupon Barrier Event occurs on 21 Observation Dates

$368.13
A Coupon Barrier Event occurs on 22 Observation Dates

$348.75
A Coupon Barrier Event occurs on 23 Observation Dates

$329.38
A Coupon Barrier Event occurs on 24 Observation Dates

$310.00
A Coupon Barrier Event occurs on 25 Observation Dates

$290.63
A Coupon Barrier Event occurs on 26 Observation Dates

$271.25
A Coupon Barrier Event occurs on 27 Observation Dates

$251.88
A Coupon Barrier Event occurs on 28 Observation Dates

$232.50
A Coupon Barrier Event occurs on 29 Observation Dates

$213.13
A Coupon Barrier Event occurs on 30 Observation Dates

$193.75
A Coupon Barrier Event occurs on 31 Observation Dates

$174.38
A Coupon Barrier Event occurs on 32 Observation Dates

$155.00
A Coupon Barrier Event occurs on 33 Observation Dates

$135.63
A Coupon Barrier Event occurs on 34 Observation Dates

$116.25
A Coupon Barrier Event occurs on 35 Observation Dates

$96.88
A Coupon Barrier Event occurs on 36 Observation Dates

$77.50
A Coupon Barrier Event occurs on 37 Observation Dates

$58.13
A Coupon Barrier Event occurs on 38 Observation Dates

$38.75
A Coupon Barrier Event occurs on 39 Observation Dates

$19.38
A Coupon Barrier Event occurs on 40 Observation Dates

$0.00

The total payment on the securities will be equal to the Redemption Amount applicable to an investor plus the total contingent coupon
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payments on the securities.

The following examples illustrate how the Redemption Amount is calculated.

Ex a m ple 1 : A K noc k -I n Eve nt oc c urs be c a use t he Fina l Le ve l of a n U nde rlying is le ss t ha n it s K noc k -I n Le ve l.

U nde rlying
Fina l Le ve l
SX5E
110% of Initial Level
RTY
40% of Initial Level

Since the Final Level of RTY is less than its Knock-In Level, a K noc k -I n Eve nt oc c urs. RTY is also the Lowest Performing
Underlying.


3


Therefore, the Underlying Return of the Lowest Performing Underlying will equal:

Final Level of RTY ­ Initial Level of RTY
Initial Level of RTY

= -0 .6 0

The Redemption Amount = principal amount of the securities × (1 + Underlying Return of the Lowest Performing Underlying)

= $1,000 × (1 ­ 0.60) = $ 4 0 0

Ex a m ple 2 : A K noc k -I n Eve nt doe s not oc c ur be c a use t he Fina l Le ve l of e a c h U nde rlying is e qua l t o or gre a t e r
t ha n it s K noc k -I n Le ve l.

U nde rlying
Fina l Le ve l
SX5E
80% of Initial Level
RTY
90% of Initial Level

Since the Final Level of each Underlying is not less than its Knock-In Level, a Knock-In Event does not occur.

Therefore, the Redemption Amount equals $ 1 ,0 0 0 .

Ex a m ple 3 : A K noc k -I n Eve nt doe s not oc c ur be c a use t he Fina l Le ve l of e a c h U nde rlying is e qua l t o or gre a t e r
t ha n it s K noc k -I n Le ve l.

U nde rlying
Fina l Le ve l
SX5E
110% of Initial Level
RTY
110% of Initial Level

Since the Final Level of each Underlying is not less than its Knock-In Level, a Knock-In Event does not occur.

Therefore, the Redemption Amount equals $ 1 ,0 0 0 .


4

Se le c t e d Risk Conside ra t ions

An investment in the securities involves significant risks. Investing in the securities is not equivalent to investing directly in the
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Underlyings. These risks are explained in more detail in the "Risk Factors" section of the accompanying product supplement.


·
Y OU M AY RECEI V E LESS T H AN T H E PRI N CI PAL AM OU N T AT M AT U RI T Y -- You may receive less at maturity
than you originally invested in the securities, or you may receive nothing, excluding any contingent coupons, if any. If the
Final Level of any Underlying is less than its Knock-In Level, you will be fully exposed to any depreciation in the Lowest
Performing Underlying. In this case, the Redemption Amount you will be entitled to receive will be less than the principal
amount of the securities, and you could lose your entire investment. It is not possible to predict whether a Knock-In Event
will occur, and in the event that there is a Knock-In Event, by how much the level of the Lowest Performing Underlying will
have decreased from its Initial Level to its Final Level. Any payment on the securities is subject to our ability to pay our
obligations as they become due.


·
T H E SECU RI T I ES WI LL N OT PAY M ORE T H AN T H E PRI N CI PAL AM OU N T , PLU S CON T I N GEN T COU PON ,
I F AN Y , AT M AT U RI T Y OR U PON EARLY REDEM PT I ON -- The securities will not pay more than the principal
amount, plus contingent coupon, if any, at maturity or upon early redemption. Even if the Final Level of each Underlying is
greater than its respective Initial Level, you will not participate in the appreciation of any Underlying. Assuming the securities
are held to maturity and the term of the securities is exactly 10 years, the maximum amount payable with respect to the
securities will be $1,775 for each $1,000 principal amount of the securities.


·
T H E SECU RI T I ES ARE SU BJ ECT T O T H E CREDI T RI SK OF CREDI T SU I SSE -- Although the return on the
securities will be based on the performance of the Underlyings, the payment of any amount due on the securities, including
any applicable contingent coupon payments, if any, early redemption payment and payment at maturity, is subject to the
credit risk of Credit Suisse. Investors are dependent on our ability to pay all amounts due on the securities and, therefore,
investors are subject to our credit risk. In addition, any decline in our credit ratings, any adverse changes in the market's
view of our creditworthiness or any increase in our credit spreads is likely to adversely affect the value of the securities prior
to maturity.


·
I F A COU PON BARRI ER EV EN T OCCU RS ON AN Y OBSERV AT I ON DAT E, Y OU WI LL N OT RECEI V E AN Y
CON T I N GEN T COU PON PAY M EN T FOR T H E CORRESPON DI N G CON T I N GEN T COU PON PERI OD -- If a
Coupon Barrier Event occurs on an Observation Date, you will not receive any contingent coupon payment for the
corresponding contingent coupon period. For example, if a Coupon Barrier Event occurs on every Observation Date, you will
not receive any contingent coupon payments during the term of the securities.


·
T H E SECU RI T I ES ARE SU BJ ECT T O A POT EN T I AL EARLY REDEM PT I ON , WH I CH WOU LD LI M I T Y OU R
OPPORT U N I T Y T O BE PAI D CON T I N GEN T COU PON S OV ER T H E FU LL T ERM OF T H E SECU RI T I ES --
The securities are subject to a potential early redemption on any Contingent Coupon Payment Date scheduled to occur on or
after March 31, 2015, upon notice to the trustee on or before the immediately preceding Early Redemption Notice Date.
Market events could affect our decision to redeem the securities. For example, it is more likely that Credit Suisse will redeem
the securities prior to the Maturity Date at a time when Credit Suisse believes it will be likely to make contingent coupon
payments over the term of the securities and could issue a comparable debt security with a lower Contingent Coupon Rate.


If the securities are redeemed prior to the Maturity Date, you will be entitled to receive the principal amount of your securities
and any contingent coupon payable, if any, on that Contingent Coupon Payment Date. In this case, you will lose the
opportunity to continue to be paid contingent coupons from the date of Early Redemption to the scheduled Maturity Date. If
the securities are redeemed prior to the Maturity Date, you may be unable to invest in other securities with a similar level of
risk that yield as much contingent coupon as the securities.


·
Y OU R RET U RN WI LL BE BASED ON T H E I N DI V I DU AL RET U RN OF EACH U N DERLY I N G --If a Coupon
Barrier Event occurs on an Observation Date, even with respect to only one Underlying, you


5


will not receive any contingent coupon payment for the corresponding contingent coupon period. Additionally, because the
Redemption Amount will be determined based on the Underlying Return of the Lowest Performing Underlying, you will not
benefit from the performance of any other Underlying. If a Knock-In Event occurs, even with respect to only one Underlying,
the Underlying Return of the Lowest Performing Underlying will be negative and you will receive less than the principal
amount of your securities at maturity.


·
SI N CE T H E SECU RI T I ES ARE LI N K ED T O T H E PERFORM AN CE OF M ORE T H AN ON E U N DERLY I N G,
Y OU WI LL BE FU LLY EX POSED T O T H E RI SK OF FLU CT U AT I ON S I N T H E LEV EL OF EACH
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U N DERLY I N G -- Since the securities are linked to the performance of more than one Underlying, the securities will be
linked to the individual performance of each Underlying. Because the securities are not linked to a basket, in which case the
risk is mitigated and diversified among all of the components of a basket, you will be exposed to the risk of fluctuations in
the levels of the Underlyings to the same degree for each Underlying. For example, in the case of securities linked to a
basket, the return would depend on the weighted aggregate performance of the basket components as reflected by the
basket return. Thus, the depreciation of any basket component could be mitigated by the appreciation of another basket
component, to the extent of the weightings of such components in the basket. However, in the case of securities linked to
the lowest performing Underlying, the individual performance of each Underlying is not combined to calculate your return and
the depreciation of any Underlying is not mitigated by the appreciation of any other Underlying. Instead, if a Knock-In Event
occurs, the Redemption Amount payable at maturity will be based on the lowest performing of the Underlyings to which the
securities are linked. Likewise, if on any Observation Date, the closing level of any Underlying is less than its Coupon Barrier
Level, no contingent coupon will be paid for the corresponding contingent coupon period.


·
RI SK S ASSOCI AT ED WI T H I N V EST M EN T S I N SECU RI T I ES LI N K ED T O T H E PERFORM AN CE OF
FOREI GN EQU I T Y SECU RI T I ES -- The equity securities included in the EURO STOXX 50® Index are issued by foreign
companies and trade in foreign securities markets. Investments in securities linked to the value of foreign equity securities
involve risks associated with the securities markets in those countries, including the risk of volatility in those markets,
governmental intervention in those markets and cross-shareholdings in companies in certain countries. Foreign companies
are subject to accounting, auditing and financial reporting standards and requirements different from those applicable to U.S.
reporting companies.


·
T H E SECU RI T I ES ARE LI N K ED T O T H E RU SSELL 2 0 0 0 ® I N DEX AN D ARE SU BJ ECT T O T H E RI SK S
ASSOCI AT ED WI T H SM ALL -CAPI T ALI Z AT I ON COM PAN I ES -- The Russell 2000® Index is composed of equity
securities issued by companies with relatively small market capitalization. These equity securities often have greater stock
price volatility, lower trading volume and less liquidity than the equity securities of large-capitalization companies, and are
more vulnerable to adverse business and economic developments than those of large-capitalization companies. In addition,
small-capitalization companies are typically less established and less stable financially than large-capitalization companies.
These companies may depend on a small number of key personnel, making them more vulnerable to loss of personnel.
Such companies tend to have smaller revenues, less diverse product lines, smaller shares of their product or service
markets, fewer financial resources and less competitive strengths than large-capitalization companies and are more
susceptible to adverse developments related to their products. Therefore, the Russell 2000® Index may be more volatile than
it would be if it were composed of equity securities issued by large-capitalization companies.


·
T H E EST I M AT ED V ALU E OF T H E SECU RI T I ES ON T H E T RADE DAT E M AY BE LESS T H AN T H E PRI CE
T O PU BLI C -- The initial estimated value of your securities on the Trade Date (as determined by reference to our pricing
models and our internal funding rate) may be significantly less than the original Price to Public. The Price to Public of the
securities includes the agent's discounts or commissions as well as transaction costs such as expenses incurred to create,
document and market the securities and the cost of hedging our risks as issuer of the securities through one or more of our
affiliates (which includes a projected profit). These costs will be effectively borne by you as an investor in the securities.
These amounts will be retained by Credit Suisse or our affiliates in connection with our structuring and offering of the
securities (except to the extent discounts or commissions are reallowed to other broker-dealers or any costs are paid to third
parties).


6



On the Trade Date, we value the components of the securities in accordance with our pricing models. These include a fixed
income component valued using our internal funding rate, and individual option components valued using mid-market pricing.
Our option valuation models are proprietary. They take into account factors such as interest rates, volatility and time to
maturity of the securities, and they rely in part on certain assumptions about future events, which may prove to be incorrect.


Because Credit Suisse's pricing models may differ from other issuers' valuation models, and because funding rates taken
into account by other issuers may vary materially from the rates used by Credit Suisse (even among issuers with similar
creditworthiness), our estimated value at any time may not be comparable to estimated values of similar securities of other
issuers.


·
EFFECT OF I N T EREST RAT E U SED I N ST RU CT U RI N G T H E SECU RI T I ES -- The internal funding rate we use in
structuring notes such as these securities is typically lower than the interest rate that is reflected in the yield on our
conventional debt securities of similar maturity in the secondary market (our "secondary market credit spreads"). If on the
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Trade Date our internal funding rate is lower than our secondary market credit spreads, we expect that the economic terms
of the securities will generally be less favorable to you than they would have been if our secondary market credit spread had
been used in structuring the securities. We will also use our internal funding rate to determine the price of the securities if we
post a bid to repurchase your securities in secondary market transactions. See "--Secondary Market Prices" below.


·
SECON DARY M ARK ET PRI CES -- If Credit Suisse (or an affiliate) bids for your securities in secondary market
transactions, which we are not obligated to do, the secondary market price (and the value used for account statements or
otherwise) may be higher or lower than the Price to Public and the estimated value of the securities on the Trade Date. The
estimated value of the securities on the cover of this pricing supplement does not represent a minimum price at which we
would be willing to buy the securities in the secondary market (if any exists) at any time. The secondary market price of your
securities at any time cannot be predicted and will reflect the then-current estimated value determined by reference to our
pricing models and other factors. These other factors include our internal funding rate, customary bid and ask spreads and
other transaction costs, changes in market conditions and any deterioration or improvement in our creditworthiness. In
circumstances where our internal funding rate is lower than our secondary market credit spreads, our secondary market bid
for your securities could be more favorable than what other dealers might bid because, assuming all else equal, we use the
lower internal funding rate to price the securities and other dealers might use the higher secondary market credit spread to
price them. Furthermore, assuming no change in market conditions from the Trade Date, the secondary market price of your
securities will be lower than the Price to Public because it will not include the agent's discounts or commissions and hedging
and other transaction costs. If you sell your securities to a dealer in a secondary market transaction, the dealer may impose
an additional discount or commission, and as a result the price you receive on your securities may be lower than the price at
which we may repurchase the securities from such dealer.


We (or an affiliate) may initially post a bid to repurchase the securities from you at a price that will exceed the then-current
estimated value of the securities. That higher price reflects our projected profit and costs that were included in the Price to
Public, and that higher price may also be initially used for account statements or otherwise. We (or our affiliate) may offer to
pay this higher price, for your benefit, but the amount of any excess over the then-current estimated value will be temporary
and is expected to decline over a period of approximately 90 days.


The securities are not designed to be short-term trading instruments and any sale prior to maturity could result in a
substantial loss to you. You should be willing and able to hold your securities to maturity.


·
LACK OF LI QU I DI T Y -- The securities will not be listed on any securities exchange. Credit Suisse (or its affiliates)
intends to offer to purchase the securities in the secondary market but is not required to do so. Even if there is a secondary
market, it may not provide enough liquidity to allow you to trade or sell the securities when you wish to do so. Because other
dealers are not likely to make a secondary market for the securities, the price at which you may be able to trade your
securities is


7


likely to depend on the price, if any, at which Credit Suisse (or its affiliates) is willing to buy the securities. If you have to sell
your securities prior to maturity, you may not be able to do so or you may have to sell them at a substantial loss.


·
POT EN T I AL CON FLI CT S -- We and our affiliates play a variety of roles in connection with the issuance of the
securities, including acting as calculation agent and as agent of the issuer for the offering of the securities and hedging our
obligations under the securities and determining their estimated value. In performing these duties, the economic interests of
us and our affiliates are potentially adverse to your interests as an investor in the securities. Further, hedging activities may
adversely affect any payment on or the value of the securities. Any profit in connection with such hedging activities will be in
addition to any other compensation that we and our affiliates receive for the sale of the securities, which creates an
additional incentive to sell the securities to you.


·
M AN Y ECON OM I C AN D M ARK ET FACT ORS WI LL AFFECT T H E V ALU E OF T H E SECU RI T I ES -- In addition
to the levels of the Underlyings, the value of the securities will be affected by a number of economic and market factors that
may either offset or magnify each other, including:


o
the expected volatility of the Underlyings;


o
the time to maturity of the securities;


o
the Early Redemption feature, which would limit the value of the securities;
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o
the dividend rate on the equity securities comprising the Underlyings;


o
interest and yield rates in the market generally;


o
investors' expectations with respect to the rate of inflation;


o
geopolitical conditions and a variety of economic, financial, political, regulatory or judicial events that affect the
components comprising the Underlyings or markets generally and which may affect the levels of the Underlyings;
and


o
our creditworthiness, including actual or anticipated downgrades in our credit ratings.

Some or all of these factors may influence the price that you will receive if you choose to sell your securities prior to
maturity. The impact of any of the factors set forth above may enhance or offset some or all of any change resulting from
another factor or factors.


·
N O OWN ERSH I P RI GH T S RELAT I N G T O T H E U N DERLY I N GS -- Your return on the securities will not reflect the
return you would realize if you actually owned the assets that comprise the Underlyings. The return on your investment,
which is based on the percentage change in the Underlyings, is not the same as the total return you would receive based on
the purchase of the equity securities that comprise the Underlyings.


·
N O DI V I DEN D PAY M EN T S OR V OT I N G RI GH T S -- As a holder of the securities, you will not have voting rights or
rights to receive cash dividends or other distributions or other rights with respect to the equity securities that comprise the
Underlyings.

Supple m e nt a l U se of Proc e e ds a nd H e dging

We intend to use the proceeds of this offering for our general corporate purposes, which may include the refinancing of existing debt
outside Switzerland. Some or all of the proceeds we receive from the sale of the securities may be used in connection with hedging our
obligations under the securities through one or more of our affiliates. Such hedging or trading activities on or prior to the Trade Date and
during the term of the securities (including on any Observation Date) could adversely affect the value of the Underlyings and, as a result,
could decrease the amount you may receive on the securities at maturity. For additional information, see "Supplemental Use of Proceeds
and Hedging" in the accompanying product supplement.


8

H ist oric a l I nform a t ion

The following graphs set forth the historical performance of the Underlyings based on the closing level of each Underlying from January
2, 2009 through December 23, 2014. The closing level of the EURO STOXX 50® Index on December 23, 2014 was 3192.470. The
closing level of the Russell 2000® Index on December 23, 2014 was 1202.438. We obtained the historical information below from
Bloomberg, without independent verification.

You should not take the historical levels of the Underlyings as an indication of future performance of the Underlyings or the securities.
Any historical trend in the levels of the Underlyings during any period set forth below is not an indication that the levels of the
Underlyings are more or less likely to increase or decrease at any time over the term of the securities.

For additional information on the EURO STOXX 50® Index and the Russell 2000® Index, see "The Reference Indices--The EURO
STOXX 50® Index" and "The Reference Indices--The Russell 2000® Index" in the accompanying underlying supplement.

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